Follow and stay tuned for great returns. Hello everyone, I am analyst Gu Jingci. I share my insights here hoping that every friend who follows along will achieve good profits!
After an early morning plunge, Bitcoin and Ethereum rebounded slightly. On the daily chart, the MA indicators for the 5-day and 10-day averages coincided and turned downward, showing clear resistance. In addition, after the previous surge and pullback failed to break the high, last night’s second attempt at the top also suggests the market will continue to decline. On the 4-hour chart, after a rapid fall and partial recovery, small bullish candles appeared, but trading volume has significantly contracted, indicating a lack of rebound momentum. During the daily downtrend, large bearish candles accompanied by volume indicate heavy selling pressure in the short term, with bears dominating the market.
Technical indicators on the 4-hour chart show the DIF line has crossed below the DEA line, with both lines operating below the zero axis. The MACD histogram is negative and continues to expand, reflecting a strong short-term bearish trend with downward momentum still rising. The short-term moving average system demonstrates a bearish alignment, indicating considerable risk for a short-term correction.
Trading advice: Continue short positions in Bitcoin around 78,200 to 78,600, targeting around 76,500. Continue short positions in Ethereum around 2,450 to 2,470, targeting around 2,380.
